August 30, 2017
Canada Pension Plan Investment Board (CPPIB) and Cyrela Commercial Properties (CCP) said they have executed a portfolio exchange transaction, where the former will net a 33% stake in CCP's Brazilian corporate office portfolio.
In return, CCP will acquire CPPIB's 50% share in an existing logistics venture, CCP Logistica Empreendimentos Imobiliarios, the companies said in a joint statement.
The CCP office portfolio comprises 12 properties covering 90,500 square meters of leasable space.
Canadian pension plan and Brazilian property developer commit $400m to top-tier office properties